16/04/2015 - 14:25

Aspen sells part of Spearwood estate for $35m

16/04/2015 - 14:25

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Aspen sells part of Spearwood estate for $35m
The rectangular building to the right at the Spearwood estate is subject to today's transaction.

Aspen Group has sold a portion of its last remaining non-core asset, announcing a $35 million transaction today for part of its Spearwood Industrial Estate.

The portion of the estate sold today has been vacant since December last year, while the other half of the site, on a separate title, is subject to a five-year lease to logistics and warehousing group AWH.

The identity of the buyer was not disclosed.

Aspen said it would now focus on selling the remainder of the estate, while the portion sold today remains subject to an environmental reclassification process.

Part of the site which was sold has been affected by its historic use, with the Department of Environment and Conservation only allowing restricted use.

Conditions of the sale include structural and geotechnical due diligence and regulatory approvals for the purchaser to use the site.

Aspen Group chief executive Clem Salwin said the deal was further progress towards the group’s transition to becoming a specialised accommodation provider.

“The sale is in line with Aspen’s strategy of divesting its remaining non-core assets and reinvestment into the accommodation sector,” Mr Salwin said in a statement to the ASX.

“The sale of this part of Spearwood to an owner occupier provides an optimal outcome for Aspen.”

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